Overview
- Stablecoin flows on Ethereum climbed 45% from September to $2.82 trillion, led by USDC at $1.62 trillion and USDT near $895 billion, with DAI at $136 billion well below its May peak.
- Decentralized exchange volume reached $613.3 billion for the month, with Uniswap handling $170.9 billion and PancakeSwap at $101.9 billion, according to DefiLlama.
- Centralized exchanges recorded $2.17 trillion in October trading, the highest since January 2025, with Binance at $810.4 billion and Gate, Bybit, and Bitget trailing.
- CryptoQuant reported a roughly 24% decline in daily active Ethereum addresses to about 363,000 by late October.
- Ethereum’s MVRV ratio fell from 1.85 to 1.50, signaling thinner profit margins as coverage highlights operational and regulatory risks tied to heavy reliance on two stablecoins.